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Bharti Airtel records two percent profit in third quarter | Bharti Airtel on Friday announced that its net income after taxes grew by over two percent in the third quarter.
Telecom service provider Airtel reported a small rise in quarterly profit growth,
broadly in line with expectations, as a vicious price war hits margins in the
booming industry. Bharti Airtel Chief Financial Officer B Srikanth said, "The
net income after taxes, 22.10 billion rupees grew by 2 percent over the same quarter
last year." Bharti Airtel Chairman Sunil Bharti Mittal said in a statement, "New
Delhi-based Bharti, in which Southeast Asia's top phone firm SingTel owns more
than 30 percent, continues to focus on robust market share despite the "hyper
competition" in the market." Bharti added the net profit rose two percent to 22.10
billion rupees ($478 million) in its fiscal third quarter ended December from
21.59 billion a year ago. Chief Executive Officer (CEO) of Bharti Airtel Manoj
Kohli said the company continues to explore expansion in emerging markets on a
priority basis. "We look at emerging markets. Emerging markets is where our unique
business model can be implanted very well," said Kohli. "We have built this unique
business model in emerging markets and I think that is where we think should be
our first priority and that will continue to be our first priority for many years
to come," he added. Manik Jhangiani, the Chief Financial Officer (CFO) of parent
company Bharti enterprises said, the company could consider initial public offering
for Bharti Infratel and Indus Towers during the next fiscal year after reviewing
current year's financial performance. "Right now we look at March'10 financials
before we take any decision on the IPO," said Jhangiani. |
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